By Brendan O’Boyle and Lisandra Paraguassu
BRASÍLIA, Sept 3 (Reuters) – The United Kingdom pledged on Thursday to invest £400 million ($541 million) in the Tropical Forests Forever Facility (TFFF), a Brazil-led initiative designed to finance the protection of endangered forests.
Brazil announced the TFFF as a flagship project when it hosted the COP30 climate talks last year, and the United Kingdom’s decision to not contribute was met with some criticism due to the UK’s help designing the fund.
The TFFF aims to raise $125 billion, including $25 billion from governments and public institutions, to pay countries based on their success in preserving forests.
The commitment will be structured as a loan, the UK government said in a press release, signaling a climate finance strategy to act as an “investor instead of a donor.” The investment remains subject to final due diligence and the UK securing a role in the fund’s oversight, the statement said.
Mauricio Voivodic, executive director of WWF-Brazil, called the UK’s commitment “very significant,” adding that it “reinforces a necessary change in how the world recognizes and finances the conservation of tropical forests.”
Brazilian officials are targeting an initial $10 billion from public sources, with two sources telling Reuters they expect that goal to be met by year-end.
($1 = 0.7388 pounds)
(Reporting by Lisandra Paraguassu and Brendan O’Boyle; Additional reporting by Gabriel Araujo; Writing by Brendan O’Boyle; Editing by Kirsten Donovan)
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